Giancarlo Attolini - Setting the Scene: SME and SMP Landscape

Session 1: Setting the Scene:SME and SMP LandscapeGiancarlo Attolini, Chair, Small andMedium Practices (SMP) CommitteeIFAC SMP ForumSingaporeMarch 19, 2012 Page 1 | Confidential and Proprietary Information

IFAC SMP Forum 2012: About & Objectives• Previous Forums – Hong Kong SAR (2006), Malta (2007), Nigeria (2008), China (2009) and Turkey (2011)• 200 delegates, 36+ countries and 40+ member bodies• Key aspect of our outreach• Assists in our strategy development• How you can help us – Listen, learn, debate and collaborate – Opportunities and challenges facing SMPs and their SME clients Page 2 | Confidential and Proprietary Information

SMP Committee: About• Represent SMPs globally• Helping IFAC member bodies support their SMPs• Building the capacity of SMPs to support business (SMEs)• Members from 18 countries and all regions (3 from Asia)• Full IFAC committee in January 2006 Page 3 | Confidential and Proprietary Information

SMP Committee: Objectives• Participate in policy-making and regulatory dialogue (relevant, stable and proportionate)• Input to development of international standards, e.g. auditing, ethics (relevant, stable, proportionate)• Raise awareness of importance of SME sector and role of SMPs (voice and visibility)• Provide practical support to SMPs (resources and tools) – For member bodies to adapt, translate etc. Page 4 | Confidential and Proprietary Information

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SMP Quick Poll: About• IFAC SMP Quick Poll: 2011 Round-Up (delegate packet)• Quarterly global poll started in Jan/Feb 2011• 2,500 SMPs responded to Q4 poll• 7 languages – Chinese, English, French, Italian, Portuguese, Romanian, & Spanish• Raw data passed to member bodies to use• Polling will continue in 2012, possibly semi-annually with more languages and more national/regional analysis• Please support us Page 7 | Confidential and Proprietary Information

SMP Quick Poll: Key Findings• Respondents not necessarily statistically representative since majority from Europe (62%)• Some significant regional variations in responses• Regulatory burden and keeping up with new regulations and standards top concerns for SMEs and SMPs respectively• Pace of change is main source/reason for burden• Economic uncertainty and difficulties accessing finance also major concerns for SMEs• Attracting/retaining clients second most important challenge for SMPs Page 8 | Confidential and Proprietary Information

SMP Quick Poll: Key Findings (cont..)• SMPs think 2012 will be better than 2011 (except Europe)• Top drivers of practice growth in 2012 are additional revenue from existing clients then revenue from new clients• Main revenue earners: accounting and compilation then audit and assurance• Fastest growing revenue sources: accounting and compilation then advisory/consulting services• Top policy concerns: micro-entity financial reporting then global regulatory convergence Page 9 | Confidential and Proprietary Information

Future Challenges: IFAC, Member Bodies, SMPs• SMP constituency is diverse• SMPs having to adapt to change• IFAC and its member bodies are collaborating to help Page 10 | Confidential and Proprietary Information

Session 1 Speakers• Warren Allen, Deputy President, IFAC• Dr. Ernest Kan, President, ICPAS• Victor Tay, Chief Operating Officer, Singapore Business Federation Page 11 | Confidential and Proprietary Information

Thankyouwww.ifac.org/smp Page 12 | Confidential and Proprietary Information

Giancarlo Attolini - Setting the Scene: SME and SMP Landscape

by International Federation of Accountants on Mar 22, 2012

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Giancarlo Attolini - Setting the Scene: SME and SMP Landscape Presentation Transcript